Hog Futures Rallying Nearly 4% so far
Thursday’s lean hog market shows the board is 20-30 cents off the high at midday, but still $1.52 to $2.77 in the black. That’s good enough for a 4% gain in the Dec contract. The National Average Morning Base Hog price was $69.82 after a 61 cent drop for Thursday. The CME Lean Hog Index dropped 38 cents to $77.13 on 10/30.
Export Sales data had 31,119 MT of pork sold during the week that ended 10/26. That was a 4-wk high led by sales to Mexico and South Korea. USDA reported 28,822 MT of pork was shipped during the week for a yearly total of 1.29 MMT.
Pork cutout futures are mixed, with the nearbys rallying 2% so far. USDA’s National Pork Carcass Cutout Value was $87.63 on Thursday morning, up by another $1.13. USDA estimated the WTD FI hog slaughter at 1.449 million head. That compares to 1.455m head during last week and 1.46 million during the same week last year.
Dec 23 Hogs are at $73.050, up $2.900,
Feb 24 Hogs are at $76.150, up $2.700
Dec 23 Pork Cutout is at $81.225, up $1.475,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
